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Chris Bryant

A $13.5 Billion SPAC Sensation Will Buy Your House

Like WeWork, Opendoor is backed by SoftBank, loses money and is fond of non-standard accounting metrics. Its value is soaring.

Make me an offer.

Make me an offer.

One year ago WeWork called off plans to go public after investors recoiled at the office-space provider’s huge consumption of cash and peculiar accounting. Now, another real-estate company that’s also backed by the SoftBank Vision Fund, Opendoor Labs Inc., is poised to list its shares.

Like WeWork, Opendoor is capital intensive, loss-making and has a nosebleed valuation. It also has a fondness for non-standard earnings metrics. Unlike WeWork, Opendoor isn’t planning a regular initial public offering. It’s going public by merging with a special-purpose acquisition company, or SPAC.